While the mood today seems slightly different on the markets compared to yesterday, with European indices attempting to recover after reaching the lowest level in several months, the Evergrande situation remains a key topic of discussion as the company is set to pay out interest on its bonds on Thursday and any further hurdles involving the Chinese giant could send shockwaves throughout markets once again. While more uncertainty remains a likely scenario, moving forward it is possible that the Chinese government could try to intervene to prevent further destabilization if the company were to face some serious issues with its debt.
Cryptocurrencies stabilise as Turkey’s Erdogan continues opposing them
The Cryptocurrency market also felt the effect of the Evergrande news with major coins dropping significantly while the whole market saw large fluctuations throughout the day. In addition to the risk-off moods from yesterday impacting the markets, news has emerged that Turkish president Erdogan remains adamant in his position on cryptocurrencies and continues to oppose their use in Turkey. This decision seems to be motivated by fears that if those became commonly accepted, they could further undermine the already struggling Turkish Lira which would be seen as a failure by the Turkish president. Nevertheless, this could prove to be a harder task than expected for him as populations are increasingly trying to find alternatives to undervalued currencies.
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